You are here: Home - Household Bills - News -

Drivers hit with worst increase in petrol prices in 18 years

0
Written by:
05/06/2018
Motorists suffered the biggest monthly rise in petrol costs in at least 18 years in May.

The average petrol price rose by 6p a litre – the worst monthly increase since the RAC began collecting data in 2000.

Unleaded shot up to 129.41p, taking the cost of filling up a 55-litre family car to £71.18 – an increase of £3.29 in just one month.

RAC fuel spokesman, Simon Williams, said: “May was a hellish month for motorists. Sadly, they have been besieged by pump price rises for three months with nearly 9p a litre being added to petrol since the beginning of March.

“The rising oil price together with a weaker pound is a punitive combination for anyone who drives regularly.”

The RAC Fuel Watch data showed the average prices of both petrol and diesel have gone up every single day since 22 April, adding 8p a litre in the process – the longest sustained price increase since March 2015.

However, Williams said the oil price “cooled a little” to $76 a barrel in the last week of May and the RAC’s two-week forecast is currently showing that average prices may “even reduce by a penny or so”.

He added: “Looking at the bigger picture, there is talk that OPEC – the Organization of the Petroleum Exporting Countries – may agree at its meeting on 22 June in Vienna to change its tack of restricting oil supply.

“The group, together with Russia, have been limiting production with a view to removing the long-term oil glut. This strategy has been successful and, as intended, caused the barrel price to rise. If a decision is taken to increase supply it may provide some much-needed relief for motorists at the pumps in the UK.”

There are 1 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Billions unclaimed in pensions and investments could go to good causes

Billions of pounds worth of cash sitting in untouched pensions and investments could be given to good causes under plans to...

Close